Research · Sep 3, 2026
[BSAC] Banco Santander Chile Thesis 2026: Return on Equity Leads Regional Peers Through NIM Recovery
Banco Santander-Chile FY25 net income CLP 1,053B (+23% YoY); diluted EPS CLP 2,236 (+23%); op income CLP 1,370B (+27%). FCF CLP 624B. Fee income +9%; financial transactions +8%; mutual funds +7%. Net interest income (including adjusted income) +11% YoY with NIMs stable at 4%. Fee income participation in total revenues moved from 15% to 21%. Recurrence ratio 63.7% YTD. CET1 ratio 11%; 60% dividend payout policy maintained. Strategy: digital bank with Work Cafe model; targeting over 5 million clients by 2026; AI + process automation for efficiency. Achieved ROE above 20%, with ROE at 23.5% for the period. Efficiency ratio 36% (best in Chilean banking industry 2025). Recognitions: Best Bank in Chile + Best Bank for SMEs. MSCI ESG rating improved from A to AA; sustainability score 15.4. Total debt CLP 16,148B (+10% YoY); dividend CLP 571B (+64%). FY26 guide: GDP growth low 2%; UF variation below 2.9%; average monetary policy rate ~4.3%; mid-single-digit loan growth (stronger H2 rebound); NIMs stable at 4%; fees + financial transactions mid-to-high single digit growth; efficiency ratio mid-30s; cost of credit gradually improving to ~1.3% full year; ROE expected 22-24%. Risks: Chilean macro / political / regulatory dynamics, FX (CLP/USD), copper / commodity exposure, competition (Banco de Chile, BCI, Itau Chile, Scotiabank Chile, Banco Estado), cost of credit, pension reform impact.